Nami removes Binance and Bitfinex from its price data feed

Please be informed about Nami adjustment in pricing on nami.trade, in which Binance and Bitfinex are removed from our price reference.

Valid from: October 16th, 2018

Reason: Unlike other cryptocurrency exchanges, Stablecoin USDT is used as a alternative quote currency for USD in most of Binance’s and Bitfinex’s pairs. However, ratio of USD/USDT fluctuates crazily between 0.9 – 1.04 during market turmoils. Consequently, many top cryptocurrencies, like BTC or ETH, are traded at a significant premium on these two exchanges compared to others. Instruments on nami.trade are also under influences of this unprecedented volatility.

On Oct 15th, USDT unexpectedly dropped by 4% to all time low at 0.9457 USD, resulting in an abnormal pumb of Bitcoin, Ethereum and many other Altcoins on Binance and Bitfinex.

Specifically, BTC peaked at 7680 USDT and 7788 USDT on Binance and Bitfinex respectively; whereas other exchanges only recorded highest prices at around $6700 – $6900. According to richlist on Tether, Binance is the biggest holder of USDT with approximately $762 million in balance. Additionally, Bitfinex is suspected to manipulate Bitcoin price with support from Tether, though this has not been proved literally.

Remaining this connection with USDT would potentially cause price distortions, especially when market experiences wild volatility. In order to protect our traders from misleading pricing and implicit manipulation, Nami decided to eliminate price data feed from Binance and Bitfinex.

At Nami, we always focus on building a more transparent trading environment where price is the reflection of general market sentiment. We will keep monitoring market developments and implement necessary adjustments to support our traders.

If you have any questions and comments, please join and discuss with us through our telegram channel.

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ABOUT NAMI CORPORATION

Nami Corp. is a global FinTech Corporation working on Investment and Technology based on Blockchain. It’s not just a single platform, we have created the whole Ecosystem to help Contributors and Traders around the world to utilize their experience and their money with the slogan “Change mindset, make giant steps”.